Singapore Wants To Attract More Talent; Launching New Work Visa Called Tech.Pass

Singapore’s Economic Development Board (EDB) has announced plans to launch a new work visa to attract more high calibre talent into the country.

Known as the Tech.Pass, the focus of this new visa is to attract founders, leaders, and technical experts to develop the country’s technology ecosystem.

It is an extension of the Tech@SG program that was launched in 2019 to help Singapore-based technology companies recruit foreign talent and expand in the region.

Also Read: Key PDPA Amendments 2019/2020 You Should Know

Tech.Pass holders can start and operate a business in Singapore, are allowed to be an investor, employee, consultant, and director in Singapore-based companies. They can also mentor startups and lecture at local universities.

Applications for the special working permit will open in January 2021, with a limit of 500 slots. 

The visa will be valid for two years from its first issuance, with a one-time renewal for an additional 2 years based on certain criteria.

To apply for the pass, candidates must meet any two of the three requirements:

• A last drawn fixed monthly salary of at least S$20,000 (US$14,824) within the last 1 year.
• At least 5 years of experience in a leading role in the development of a tech product that has at least 100k monthly active users or US$100 million in revenue.
• At least 5 cumulative years of experience in a leading role in a tech company that has a valuation of at least US$500 million or US$30 million or more.

“This is part of Singapore’s multi-pronged approach to develop a strong base of technology companies and talent to ensure Singapore remains globally competitive,” said EDB in a statement. It added that this will also create opportunities for local tech talent to work in global teams.

Also Read: The 5 Benefits Of Outsourcing Data Protection Officer Service